Moreira, S. (Solon)

Filtering

2018 - 201912020 - 20232

Settings

Author search.filters.isAuthorOfPublication.7030df00-dada-4db3-95c7-4ba2d7fdd691

Search Results

Now showing 1 - 3 of 3
  • Thumbnail Image
    Market for technology 2.0? Reassessing the role of complementary assets on licensing decisions
    (Elsevier, 2023) Asija, A. (Aman); Klueter, T.M. (Thomas Maximilian); Moreira, S. (Solon)
    The ability to access specialized complementary assets has been key to explaining how firms benefit from their technological innovations. When firms lack complementary assets the more likely they have to rely on markets for technology to profit from their R&D investments. We extend this view documenting the emergence of a new type of industry intermediary, Contract Development & Manufacturing Organizations (CDMOs), which provide access to complementary assets on a per-use basis. CDMOs allow firms to contract for complementary assets at variable costs without the need to invest in such assets internally. This opens up new product development paths, in which firms do not out-license their products to firms with complementary assets but sustain their development in-house using CDMOs. We highlight that the expansion of services offered by CDMOs changes the nature of the industry’s source of competitive advantage and provide empirical evidence that the expansion of CDMOs is associated with a decline in the number of out-licensing deals among US biopharmaceutical firms. In so doing, the study explains how innovation intermediaries like CDMOs can have a profound effect on an industry’s specialized complementary assets and the market for technology.
  • Thumbnail Image
    Licensing decision: a rent dissipation lens applied to product market competition, openness to external knowledge and exogenous sunk costs
    (Oxford, 2018) Reichstein, T. (Toke); Moreira, S. (Solon); Cabaleiro-Cerviño, G. (Goretti)
    The fear of rent dissipation has been proposed as the main reason firms are hesitant to enter markets for technology. In this paper we investigate conditions under which firms are particularly reluctant to out-license their technologies due to shifts in the relative magnitudes between potential rent dissipation and revenue effects. Specifically, we offer theoretical arguments and empirical evidence suggesting that firms operating under higher product market competition are more reluctant to license their technologies. Firms’ openness to external knowledge, while having a direct positive association with greater licensing rates, also partially mitigates the negative effect of increasing product market competition. Exogenous sunk costs, however, increase firms’ reluctance to out-license and also further fuel the negative association between out-licensing and product market competition. The empirical investigation builds on a sample of 227 licensors involved in licensing contracts in the US pharmaceutical industry from 1986 to 2005. The study has substantial implications for management, research, and policymakers.
  • Thumbnail Image
    Understanding the link between post-acquisition resource reconfiguration and technology out-licensing.
    (Wiley, 2023-07-04) Klueter, T.M. (Thomas Maximilian); Moreira, S. (Solon); Ofoedu, C. (Clinton)
    We develop a novel framework to explain how the unique properties of out-licensing enable R&D reconfiguration in the context of technology acquisitions. Out-licensing is an attractive R&D strategy following acquisitions as it expands opportunities for resource reconfiguration to outside the organization by using external partners while at the same time allowing firms to continue to benefit from the technology, both financially and strategically. We also propose that the positive relationship between technology acquisitions and out-licensing is weaker when firms cannot determine the full value potential of their R&D due to uncertainty or when they have high availability of short-term financial slack resources. Using a sample of bio-pharmaceutical firms, the result of a 2SLS fixed-effect regression that accounts for the potential endogeneity of technology acquisitions provides support for our theoretical framework.